MFS launches new ‘Bridge Fusion’ product and cuts bridging rates

0
13

Market Financial Solutions (MFS) has launched a new ‘Bridge Fusion’ product, which is a hybrid of a bridging loan and a longer-term buy-to-let (BTL) mortgage and reduced rates significantly on their core Bridging product range.

The specialist lender has introduced Fusion today, which is a two-year tracker loan with an annual interest rate, providing borrowers with a product that enables them to wait out uncertainty and instability in the market.  It can also be possible to extend the loan for a 3rd year.

MFS’s Bridge Fusion product pay rates start from 3.55% +BBR (pa), with an LTV of up to 75% and maximum loan size of £20m. Fusion is available on Commercial, Mixed Use and Residential properties.  Rates on the core bridging range have also been reduced by as much as 11 basis points.

Founded in 2006, London-based lender MFS specialises in handling large and complex loans at pace, has multiple funding lines, a growing team of specialist finance experts, and a willingness to lend.

As higher interest rates, economic uncertainty and an upcoming general election create challenges for brokers and borrowers, MFS is prioritising flexibility and optionality, giving investors as wide a range of products to choose from as possible, allowing them to secure the right loan with the right terms for their particular needs.

To help maximise on their leverage and loan size, MFS’s clients can use methods such as deferred interest, rolled-up interest and top-slicing, which are options on its BTL mortgage range already.

Paresh Raja, CEO of MFS, said“Optionality has become a keen focus for MFS in recent years. We’re continuing to expand our offering across both our bridging and BTL mortgage ranges, as well as reducing rates across the board, giving brokers and their clients much-needed choice as they seek the right product for their needs. 

“This includes a blend of tracker and fixed-terms, as well as the term length. The new Bridge Fusion product is a perfect example of our desire to keep evolving, and the timing makes complete sense. As banks are slowing down with their lending activities in a year with potentially over £50bn of commercial refinances required, we are reducing our bridging rates and launching new products in order to ramp up.

“The general election will create more uncertainty over the coming weeks and months. We all knew it was coming, but few expected the vote to come in early July – and although it was formed before Rishi Sunak’s surprise announcement, our Bridge Fusion product is designed to help borrowers navigate such twists and turns in the market with greater confidence.”


Credit: Source link

#

LEAVE A REPLY

Please enter your comment!
Please enter your name here